What is an Income Statement? Definition, Examples, and How-To

income statement  How to prepare an income statement · 1 Print the trial balance · 2 Determine your total revenue or sales · 3 Determine your cost of goods Before you can prepare an income statement there are a few things you will need Income statements include a broad range of items, including revenue, net

The income statement shows how much of a profit your business made — or that you assume you will make if it's a projection — during a specific INCOME STATEMENT definition: a financial statement that summarizes the various transactions of a business during a

An income statement reports your business's revenues financial statement columns will not balance and the financial statements will be incorrect Step 4 Extend Adjusted Trial Balance Amounts to Appropriate